10.1 Depository May Restrict and/or Impose Conditions on Activities of or Terminate Depository Agent
The Depository may restrict and/or impose conditions on the activities of, or terminate any Depository Agent immediately and without any prior notice upon the occurrence of any of the following events:
10.1.2 the Depository Agent, or where it is a nominee company, the Regulated Entity for which it provides custodial services, is, in the Depository’s opinion, in financial or operating difficulty, including but not limited to where the Depository Agent or the Regulated Entity:
10.1.3 the Depository Agent at any time breaches or fails to continue to satisfy any admission criteria, any approval condition imposed by the Depository, or any term, condition or restriction under the Depository Agent Terms;
10.1.4 an Event of Default as set out in the CDP Clearing Rules has occurred in respect of a Depository Agent who is also a Clearing Member;
10.1.5 the Depository Agent or the Regulated Entity for which it provides custodial services has been charged with or is the subject of investigation for any offence:
10.1.6 the Depository Agent is, in the Depository’s opinion, conducting its activities in a manner detrimental to the financial integrity, reputation or interests of the Depository; or
10.1.7 it is necessary or desirable in the interests of:
Amended on 15 July 2026.
10.1A Notice and Effective Date
If the Depository intends to take action against a Depository Agent under Rule 10.1, it will inform the Depository Agent in writing. Such action will be effective on the date specified and/or subject to the conditions specified in the written notice.
Added on 15 July 2026.
10.2 Termination with Notice
Notwithstanding Rule 10.1 and Rule 12A.3 the Depository may also terminate any Depository Agent, without giving any reason therefor, on giving not less than three months' notice in writing.
Amended on 15 July 2026.
10.2C Notification to SGX-ST and other Depository Agents
The Depository may notify SGX-ST and other Depository Agents of any action taken under Rule 10.1.
Added on 15 July 2026.
10.2A Restrictions and Conditions on Depository Agent’s Activities
10.2A.1 The Depository may restrict and/or impose conditions on the activities of a Depository Agent under Rule 10.1 in any one or more of the following ways as the Depository shall specify:
10.2A.2 Failure by the Depository Agent to comply with any restriction and/or conditions will constitute a breach of these CDP Rules.
10.2A.3 Any restriction and/or imposition of conditions shall be for such duration as the Depository determines, save where imposed on the grounds under Rule 10.1.5 in which case the restriction and/or imposition of conditions shall end when the relevant entity is acquitted, the charge is not proceeded with, or no further action is taken in respect of the investigation.
10.2A.4 Unless otherwise notified by the Depository, a Depository Agent whose activities are subject to any restriction and/or conditions continues to be bound by these CDP Rules.
Added on 15 July 2026.
10.2B Appeal against Restriction and/or Imposition of Conditions
A Depository Agent on whom activities the Depository has imposed restrictions and/or conditions or who has been terminated pursuant to Rule 10.1 may, within 14 days, appeal to the Appeals Committee against the said restriction and/or imposition of conditions. Notwithstanding such appeal, the Depository’s restriction of and/or imposition of conditions on the Depository Agent’s activities or termination of the Depository Agent shall continue in effect until such time as it is revoked or lifted by the Depository or the Appeals Committee.
Added on 15 July 2026.
10.3 Obligations of Depository Agent on Notice of Restriction and/or Conditions or Termination
In the event that any Depository Agent is informed of any restriction and/or conditions imposed on its activities, or that it is terminated, for any reason whatsoever (including under Rule 10.1, Rule 10.2, or as a result of a decision of the Disciplinary Committee or Appeals Committee), the Depository Agent shall, as soon as possible, unless otherwise agreed by the Depository:
Amended on 15 July 2026.
10.4 Obligations of Depository to Depository Agent on Termination
From the effective date of termination of any Depository Agent, the Depository is not obliged to perform any of its obligations under these CDP Rules to the Depository Agent in respect of Sub-Accounts maintained with the Depository Agent.
Amended on 15 July 2026.
10.5 Duties of Depository Agent on Termination
The terminated Depository Agent shall:
Amended on 15 July 2026.
10.6 Terminated Depository Agent's Outstanding Liabilities
Notwithstanding the termination, the Depository Agent shall remain liable for all outstanding liabilities incurred under the Depository Agent Terms.
Amended on 15 July 2026.